WorksheetsUnited States Economy and the Private Sector
Total questions: 15
Worksheet time: 9mins
A form of business with one owner which takes all the risks and earns all the profits
entrepreneurship
stock analyst
proprietorship
partnership
Households typically sell which resource to businesses?
entrepreneurship
human resource (labor)
capital resource
natural resource (land)
What 3 things flow continuously among households, businesses, and markets in the United States economy?
goods and services
money
taxes
resources
A form of business organization which acts as a legal person (entity) regardless of the number of owners.
proprietorship
cooperative
corporation
partnership
Select the two types of private financial institutions.
Federal Reserve
banks
investment firm
credit unions
A form of business with 2 or 3 owners which share the risks and profits.
partnership
entrepreneurship
corporation
proprietorship
A person who takes a risk to produce and sell goods and services in search of a profit.
proprietor
partner
entrepreneur
shareholder
What do businesses sell to individuals, other businesses, and the government?
public goods and services
resources
goods and services (products)
income
If the supply of an item is high, the price will
be high
be stable
fluctuate
be low
Select the 3 reasons nations and states participate in a global economy.
to buy goods and services at a lower cost
to decrease employment
to obtain goods they cannot produce
to sell goods and services to other countries
Worldwide markets in which the buying and selling of goods and services by individuals, nations, and businesses takes place.
universal economy
worldwide economy
global economy
international economy
If demand for a good is high, the price will
be low
be high
remain the same
fluctuate
The price of Christmas items lowers on December 26th. Why?
supply is low, demand is high
demand is low, supply is high
supply and demand remain the same
demand increases
Select the 3 ways technological innovations impact the economy.
allows for the global flow of information
increases the global flow of goods, services, and capital.
increases the cost of production
lowers the cost of production
As an incentive to save money, private financial institutions
offer free checking accounts
pay interest
offer a $50.00 gift card for opening a new account
offer low interest loans
